According to Tata Steel managing director H M Nerurkar, India's steel consumption will continue to grow despite the worsening global economic environment.
Mr. Nerurkar stated that, despite the seven percent increase in gross national product (GDP), he expects steel consumption to continue to grow in the current economic situation. He added that he had been expecting a downturn in steel prices, but prices remained high due to exchange rate fluctuations.
Additionally, in December the Associated Chambers of Commerce and Industry of India (ASSOCHAM) predicted that India's annual steel consumption is likely to reach 122 million mt by 2015, from the current 70 million mt, on the back of increasing steel demand from various sectors.